Global Fintech & Digital Assets

DECEMBER 21, 2023

The OCC outlines safety and soundness principles and appropriate risk management processes for its regulated institutions that engage in BNPL lending. The OCC expects that banks engaged in BNPL lending “do so within a risk management system that is commensurate with associated risks.” By Arthur S.

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OCC BNPL Electronic Fund Transfer Act (EFTA) Federal Trade Commission 59

PYMNTS

JANUARY 13, 2021

The Office of the Comptroller of the Currency (OCC) granted digital asset platform Anchorage Trust Company a digital banking license, according to a press release Wednesday (Jan. The benefit of having a federally chartered bank is that it preempts all the state laws,” Anchorage President Diogo Mónica told CoinDesk.

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Money Laundering Office of the Comptroller of the Currency OCC Online and Mobile Banking 52

PYMNTS

SEPTEMBER 21, 2020

The Office of the Comptroller of the Currency (OCC) released a letter that explained the authority of federal savings associations and national banks to keep “reserves” for clients who are issuers of stablecoins in some cases, according to a Monday (Sept. Acting Comptroller of the Currency Brian P.

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Office of the Comptroller of the Currency Stablecoins Fraud Prevention OCC 68

PYMNTS

OCTOBER 26, 2018

More legal troubles have emerged for the Office of the Comptroller of the Currency (OCC) over its plan to introduce national bank charters for FinTechs, aimed at making it easier for alternative financial services players to do business. Reports in Reuters on Thursday (Oct.

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Office of the Comptroller of the Currency OCC Regs Blocks 62

PYMNTS

SEPTEMBER 21, 2020

As BuzzFeed reported, “laws that were meant to stop financial crime have instead allowed it to flourish. In terms of dollar amounts, Deutsche led the pack at $1.3 trillion in suspicious transactions; J.P.Morgan followed with $514 million and Standard Chartered logged $166 million. The headlines blare a chorus: Banks are not doing their jobs.

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Fincen AML Suspicious Activity Report (SAR) Financial Crimes 139

The Fintech Times

MARCH 6, 2024

The regulatory tides may be changing in the US, as the Office of the Comptroller of the Currency (OCC) suggests banks should be doing more to manage risks related to partnering with fintech firms. Rick Kuci, COO of FundKite “Unfortunately, many banks caused this risk issue for themselves.

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OCC FinTech Non-Bank Regulations 69

Finovate

FEBRUARY 1, 2024

Office of the Comptroller of the Currency (OCC) fined City National $65 million in a civil money penalty. The OCC said the California-based bank “engaged in unsafe or unsound practices,” stating that it failed to establish effective risk management and internal controls. This week, U.S.

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OCC Office of the Comptroller of the Currency Risk Management Compliance 59

Finextra

DECEMBER 20, 2023

The Office of the Comptroller of the Currency (OCC) today assessed a $15 million civil money penalty against U.S. Bank, National Association, Cincinnati, Ohio, for violations of law relating to the bank’s administration of a prepaid card program to distribute public unemployment insurance benefit payments.

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Office of the Comptroller of the Currency OCC Assessments Laws 45

PYMNTS

APRIL 20, 2018

I am especially pleased that we were able to work closely and effectively with our colleagues at the OCC, and I appreciate the key role they played in the negotiations,” Consumer Financial Protection Bureau Acting Director Mick Mulvaney said in a statement. “As That is what we did here.”.

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OCC CFPB Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency 40

PYMNTS

AUGUST 3, 2020

regulatory landscape as a financial service provider is not easy, with laws that vary state by state and federal rules that are constantly evolving. Navigating the U.S. It’s one factor in why so few challenger banks have launched in the country compared to markets like the U.K., where challenger banking has flourished in recent years.

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Real Time Payments Office of the Comptroller of the Currency Treasury Settlement 117

PYMNTS

JANUARY 23, 2020

The Office of the Comptroller of the Currency (OCC) said that there will also be a number of other individuals selected for punishment involving the fake accounts scandal, including other executives at the bank. He will also have to pay $17.5

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Office of the Comptroller of the Currency OCC Community Banks Regulations 54

PYMNTS

MAY 29, 2017

. “It has ended banking as we know it,” said chief business development officer of Digital Asset, Chris Church, at an International Monetary Fund meeting this year. According to reports, this trend has the federal Office of the Comptroller of the Currency (OCC) examining how to navigate regulation in the age of FinTech.

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Regulations Office of the Comptroller of the Currency OCC FinTech 53

PYMNTS

MARCH 4, 2020

Bank had in place erroneously capped the number of alerts, which hindered law enforcement’s ability to spot suspicious activity. His actions prevented the proper filing of many, many SARs, which hindered law enforcement’s ability to fully combat crimes and protect people,” said FinCEN Director Kenneth A. The OCC also warned U.S.

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AML Suspicious Activity Report (SAR) Fincen BSA 52

PYMNTS

DECEMBER 3, 2019

The Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), FinCEN , the OCC and the Conference of State Bank Supervisors participated in issuing the definitions and guidelines. Banks no longer have to submit a suspicious activity report (SAR) just because a business is growing or cultivating hemp.

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Suspicious Activity Report (SAR) BSA Rules Office of the Comptroller of the Currency 55

PYMNTS

DECEMBER 10, 2018

And as reported by sites such as American Banker and National Law Review , a bipartisan group of senators is working on a bill that may reform the Bank Secrecy Act, which in turn may raise the threshold for reporting currency transaction reports to $30,000, from the current levels of $10,000.

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Regulations AML Office of the Comptroller of the Currency Money Laundering 69

PYMNTS

APRIL 10, 2017

banks, the Office of the Comptroller of the Currency, removed Wells Fargo’s most senior bank examiner, people familiar with the matter told Reuters. The Office of the Comptroller of the Currency accused Wells Fargo of an “extensive and pervasive pattern” of discriminatory and illegal lending practices for years.

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Office of the Comptroller of the Currency Regulations OCC Settlement 40

Segpay

MARCH 24, 2025

This article will help you gain a better understanding of gaming and gambling laws in Down Under. USA: Stricter data-sharing laws, including the Gramm-Leach-Bliley Act (GLBA) and inter-agency reporting for suspicious activity over $3,000 USD. What are the Implications for Payment Companies (PSPs, PayFacs, etc)?

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Compliance Suspicious Activity Report (SAR) Fincen AML 71

PYMNTS

FEBRUARY 15, 2018

Bank was slapped with a $185 million civil penalty for what the Financial Crimes Enforcement Network (FinCEN), in coordination with the Office of the Comptroller of the Currency (OCC) and the U.S. FinCEN, the OCC and the DOJ contend that U.S. Blanco in the press release. Banks in the U.S.

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Money Laundering Fincen Office of the Comptroller of the Currency Settlement 43

PYMNTS

OCTOBER 24, 2019

The Office of the Comptroller of the Currency (OCC) debuted a special purpose charter in 2016 that would have given FinTechs a leg up on competing with traditional financial services companies. The ruling, too, said that “only depository institutions are able to receive national bank charters from OCC.”.

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Legal Office of the Comptroller of the Currency OCC FinTech 40

PYMNTS

MARCH 10, 2020

Chairwoman Waters highlighted the fact that the OCC has pointed to tens of thousands of cases requiring remediation for consumer abuse. He said in his testimony that the business model had been flawed. Lawmakers repeatedly pressed Scharf on a timeframe for more tangible results across compliance and remediation efforts.

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Consumer Financial Protection Bureau (CFPB) Accounts Office of the Comptroller of the Currency OCC 52

PYMNTS

OCTOBER 25, 2019

The Commodity Futures Trading Commission ( CFTC ), Federal Deposit Insurance Corporation ( FDIC ), Office of the Comptroller of the Currency ( OCC ), and the Securities and Exchange Commission ( SEC ) have announced that they are joining the Global Financial Innovation Network ( GFIN ).

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Office of the Comptroller of the Currency Regulations Innovation OCC 40

PYMNTS

NOVEMBER 27, 2017

The Office of the Comptroller of the Currency (OCC) is looking into Wells Fargo’s auto loans business as well. . Federal and state officials have been investigating whether the GAP insurance is unnecessary, and whether interest rates on the loans increased too much as a result of the GAP protection.

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CFPB Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency Product 40

Global Fintech & Digital Assets

JANUARY 12, 2024

The director may determine the merits of the appeal, or at the election of the financial institution, refer the appeal to an administrative law judge appointed by the FFIEC to conduct a hearing. In any hearing, neither the director nor the administrative law judge could defer to the opinions of the examiner or agency.

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FFIEC Process FRB Consumer Financial Protection Bureau (CFPB) 52

PYMNTS

FEBRUARY 15, 2019

Those agencies include the aforementioned FinCEN, the Federal Reserve , the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA) and the Office of the Comptroller of the Currency (OCC).

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BSA Credit Union Business Email Compromise Office of the Comptroller of the Currency 49

PYMNTS

AUGUST 5, 2019

That legislation would make it easier for the government to penalize larger tech firms for violations of antitrust law. company found to be in violation of antitrust laws can be fined as much as 15 percent of their annual top line. The OCC, Too. In terms of punitive actions, the bill would mandate that a U.S.

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FTC OCC Office of the Comptroller of the Currency Digital Currency 49

Innovative Payments Association

FEBRUARY 24, 2025

If confirmed, he will return to the FDIC board, along with the Comptroller. The by-laws of the Board say that not more than three of the five-member board can be from one political party. Until his confirmation, the CFPB will be run by Office of Management and Budget Director Russell Vought.

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Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency FDIC CFPB 40

PYMNTS

AUGUST 20, 2018

And in the wake of the announcement late last month that FinTechs will be able to apply for banking licenses with the Office of the Comptroller of the Currency, caution abounds. As many as 85 percent of firms are boosting budgets over the previous year’s, tied to data privacy and compliance. FinTech Firms Eye Bank Charters.

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Office of the Comptroller of the Currency FinTech OCC Regulations 40

PYMNTS

AUGUST 1, 2018

The report called on Congress to establish a national commission to conduct a comprehensive review of existing financial laws and regulations, and establish a pilot program to test the efficacy of coordinated bank examination teams.

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Small Business Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency CFPB 40

PYMNTS

SEPTEMBER 4, 2018

Separately, EMW, the law firm that had asked for the complaint tally in the wake of a freedom of information request, said through a principal, James Geary, that “despite this being on the horizon for a couple of years, the reality of the work involved in implementation and ongoing compliance may have taken many businesses by surprise.

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Office of the Comptroller of the Currency Security Data Breach Regulations 40

PYMNTS

OCTOBER 25, 2019

Court Rules Only ‘Depository Institutions’ Eligible For OCC’s Bank Charters. The Office of the Comptroller of the Currency (OCC) debuted a special purpose charter in 2016 that would have given FinTechs a leg up on competing with traditional financial services companies. What’s in store for the 2020s ?

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Office of the Comptroller of the Currency Innovation Online and Mobile Banking Void 40

CB Insights

FEBRUARY 16, 2021

People in underbanked communities, for example, can transact using this form of digital currency, especially if they live in areas where economic uncertainty is a regular concern. This technology allows for the use of a global currency that is, in theory, not subject to localized laws and conditions.

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Stablecoins Multi-Currency Cryptocurrency Bitcoin 101

Clearly Payments

FEBRUARY 8, 2024

Office of the Comptroller of the Currency (OCC): As an independent bureau within the U.S. Department of the Treasury, the OCC supervises and regulates national banks and federal savings associations. It oversees compliance with federal banking laws, including those governing payments.

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Regulations Electronic Fund Transfer Act (EFTA) Federal Reserve Electronic Funds Transfer (EFT) 105

PYMNTS

AUGUST 3, 2018

In general, the department proposed to fuel more FinTech activity in the United States by loosening federal regulations, enacting national data breach protections and drafting “model laws” at the state level to reduce overlapping red tape. Additionally, the report calls upon the U.S.

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FinTech Office of the Comptroller of the Currency Treasury Regulations 46

PYMNTS

APRIL 23, 2018

A one billion dollar fine has arrived on Wells Fargo’s doorstep as part of a “coordinated action” between the Consumer Finance Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC). As to the terms of the settlement: we have said all along that we will enforce the law.

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OCC Credit Cards CFPB Office of the Comptroller of the Currency 40

PYMNTS

NOVEMBER 6, 2017

This is not going to be a gray area,” he told Webster, evidenced by the fact that Singapore has passed laws allowing the use of social information for modeling purposes. The traditional notion of credit models tied to SSNs and the like, said Madhu, is on its way to “dead duck” status.

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Security Consumer Office of the Comptroller of the Currency Identity Theft 43

PYMNTS

JULY 31, 2018

Loosening federal regulations, enacting national data breach protections and drafting “model laws” at the state level to reduce overlapping red tape, could help promote FinTech in the United States, according to report released Tuesday (July 31) by the U.S. Treasury Department. The report arrives at a time of growing optimism for U.S.

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AI FinTech Security Rules 77

PYMNTS

MAY 4, 2017

Mnuchin announced Wednesday (May 3) that he is plans to appoint Keith Noreika as a Deputy Comptroller and designate him the First Deputy Comptroller of the Office of the Comptroller of the Currency (OCC). I am confident that he will capably lead the OCC in carrying out its important mission.”.

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OCC Office of the Comptroller of the Currency Treasury Laws 40